Lima, Oct 10 (EFE).- Latin America and the Caribbean had GDP per capita growth of almost zero, between 2014 and 2024, due to the lack or failure of its productive development policies, the representative of the Group stated this Thursday. Inter-American Development Bank (IDB) in Peru, Tomás Lopes-Teixeira.
Faced with the question of how to achieve higher, sustained, inclusive and sustainable growth? At the second panel discussion of the high-level seminar of the Economic Commission for Latin America and the Caribbean (ECLAC), Lopes-Teixeira noted that it is also the region that “suffers the most from issues of political polarization” and successful cases of productive development policy, which have been able to adjust to time.
However, he drew attention to a general challenge and a historic opportunity that the region has to grow, despite its economic complexity and productive diversity.
The challenge is linked to early technology investments, having “entrepreneurial talent as the central axis of development”, as well as informality, which represents a difficulty for SMEs to incorporate technology into their processes.
Furthermore, “there is a historic opportunity to take advantage of the technological revolution of our time” and choose which technologies to take advantage of, stated the IDB representative in Peru.
He also highlighted the concern that these policies can reach the people, given that they allow social mobility and the creation of quality jobs.
Lopes-Teixeira recalled that, until a few decades ago, the industrialization process created jobs, but now they are global chains, and productive development policies have to be directed to other sectors, such as innovation and technology.
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Latin America economic outlook 2024
Latin America and the Caribbean’s GDP per capita growth has been a widely discussed topic in recent years. As a prominent blog news writer, I’d like to offer my analysis of this news article and provide some context using the latest available data.
According to the World Economic Outlook (April 2024), the GDP per capita of Latin America and the Caribbean stood at 10.88 thousand, significantly lower than that of Advanced economies, which was 58.26 thousand [[1]]. This data highlights the disparity in economic development between these regions. However, it’s essential to note that the GDP per capita is only one aspect of a region’s overall economic performance.
One way to look at the contribution of Latin America and the Caribbean to the global economy is by examining its share of global Gross Domestic Product (GDP). As stated in the UNIDO Industrial Statistics Yearbook 2023, the region accounts for 6 per cent of global GDP and 5 per cent of world manufacturing value added (MVA) [[2]]. This may seem like a relatively small share, but it’s crucial to recognize the potential for growth in this region.
Looking at the GDP growth rate, we can see that Latin America and the Caribbean have experienced fluctuations in recent years. According to the World Bank, the GDP growth rate of the region (excluding high-income countries) has seen both increases and decreases [[3]]. It’s essential to monitor this trend and identify the factors that contribute to these fluctuations.
the news article that caught my attention highlights the need for economic growth and development in Latin America and the Caribbean. As a region, it faces significant challenges, but it also has great potential for growth. To achieve sustained economic progress, it’s crucial for policymakers to create favorable business environments, invest in education and infrastructure, and foster regional cooperation.
The data from reputable sources like the IMF, UNIDO, and the World Bank provide valuable insights into the economic performance of Latin America and the Caribbean. By analyzing these data, we can better understand the challenges and opportunities that lie ahead for this region.
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